News Recap • Week 42 2025

Check the news below and make sure to visit my latest Market Recap as well.

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Macro

• Mon China’s exports grew 8.3% year-over-year in September in US dollar terms. Economists had predicted a 7.1% increase. Imports delivered an even bigger beat with a 7.4% annual growth rate compared to a 1.5% forecast. Imports grew at the fastest pace since April 2024, pointing to a strengthening economy. The Hang Seng fell 1.5% on Monday and another 1.7% on Tuesday. It’s worth noting that the drop came after Friday’s tariff announcement from Trump. (CNBC)
• Tue China’s Consumer Price Index fell 0.3% in September from a year earlier, a sharper decline than the negative 0.2% forecast. The Core CPI, on the other hand, rose 1% year over year, its fastest inflation rate since February 2024. China’s Producer Price Index declined 2.3%, showing a slight improvement in the country’s deflationary problems. (CNBC)
• Tue Fed Chair Jerome Powell said on Tuesday that the US central bank is getting close to a point where it will stop reducing the size of its bond holdings. The move would generally be seen as supportive for risk assets like equities. (CNBC)
• Tue President Trump threatened a cooking oil embargo in retaliation for China refusing to buy US soybeans. This was just the latest step in the recent trade war escalation between the two nations. (CNBC)
• Wed Treasury Secretary Scott Bessent said that the US administration will set price floors across a range of strategic industries to combat China. He also said the US needs to set up a strategic mineral reserve and could take equity stakes in more companies in the wake of China’s new rare earth export restrictions. (CNBC)
• Thu China’s Ministry of Commerce on Thursday accused the US of creating unnecessary panic over its new rare earth export controls and said China is open to trade talks with the US. (CNBC)
• Thu French Prime Minister Sebastien Lecornu survived two no-confidence votes on Thursday, giving his new government a bit of a break to actually deliver a budget for 2026. The French CAC 40 surged 3.24% this week and closed at its highest level since February. (Reuters)
• Fri October 17 marked the 3-year date for when Bloomberg economists reported a 100% chance of recession within a year. Unsurprisingly, the economists were once again wrong and we’re still waiting for the guaranteed recession. (Bloomberg)

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Other

• Mon After collaborating for 18 months, OpenAI and Broadcom announced on Monday that they’re jointly building and deploying 10 gigawatts of custom AI accelerators as part of a broader effort across the industry to scale AI infrastructure. Broadcom stock surged 9.88% on the news and more than recovered from Friday’s 5.91% drop. (CNBC)
• Tue Salesforce said it will invest $15 billion in San Francisco to accelerate AI adoption over the next five years. (Reuters)
• Tue Oracle announced it will deploy 50,000 graphics processors from AMD starting in the second half of 2026. (CNBC)
• Tue The Dutch government took control over China-owned chipmaker Nexperia, citing concerns over technology transfer. (Reuters)
• Wed Salesforce issued new financial targets for the next five years, including higher-than-expected $60 billion in 2030 revenue. Shares jumped almost 4% on the news. (CNBC)
• Thu Zions Bancorporation said Wednesday evening that it’s facing a sizable charge because of bad loans to a couple of borrowers. On Thursday, Western Alliance then alleged a borrower had committed fraud. Despite both banks trying to calm investors’ fears, regional banks took a tumble on Thursday and dragged the broader market down with them. (CNBC)
• Tue Stellantis said it will invest $13 billion in building out its US manufacturing operations over the next four years. (CNBC)
• Tue Oura raised $900 million at a $11 billion valuation in its Series E. (CNBC)

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Earnings

• Tue JPMorgan delivered a big Q3 beat with revenue coming at $47.12 billion and earnings per share at $5.07. Analysts had forecast $45.4 billion and $4.84. Trading and investment banking generated $700 million more revenue than expected. Despite the strong numbers, the stock dipped 1.91% on Tuesday. This does come after an impressive year-to-date gain of 26% though. (CNBC)
• Tue Goldman Sachs reported earnings per share of $12.25, beating the consensus estimate of $11. Revenue came in at $15.18 billion vs $14.1 billion expected. Profit surged 37% from a year earlier. Similar to JPMorgan, Goldman Sachs stock fell just over 2% after the report but is still up around 75% from the April bottom. (CNBC)
• Tue BlackRock’s adjusted earnings per share landed at $11.55, up 1% from a year ago and above the average analyst estimate of $11.47. Revenue surged 25% to $6.5 billion. Shares jumped 3.39% to a new all-time high after the report. (Yahoo Finance)
• Wed Bank of America reported a 43% surge in investment banking revenue and delivered a solid beat on both the top and bottom lines. Shares jumped 4.37% on Wednesday. (CNBC)
• Wed Morgan Stanley delivered perhaps the most impressive report of the big financials this week, reporting earnings of $2.80 per share vs $2.10 expected. Revenue had been forecast to come in at $16.7 billion but landed at $18.22 billion. Profits surged 45% from a year earlier. The stock rose 4.71% to a new all-time high after the report. (CNBC)
• Wed ASML reported net sales of $7.516 billion, missing expectations for €7.79 billion. Net profits came in ahead of forecast though, landing at €2.125 billions vs €2.11 billion expected. ASML’s guidance a quarter ago raised some concerns about 2026 growth, but the company said on Wednesday that it does not expect net sales next year to be below the 2025 numbers. The stock rose 3.12% after the report and is now up 29% for the year. (CNBC)
• Wed LVMH reported 1% organic growth in Q3 after two consecutive quarters of declines. The stock surged 12.22% after the report on Wednesday. (CNBC)
• Thu TSMC reported a solid beat across the board and 30% revenue growth year-over-year. Net income came in at NT$452.3 billion vs NT$417.69 billion expected. Shares closed Thursday with a 1.6% loss but are up almost 50% for the year. (CNBC)